Topic
west asia crisis
Commodities Government says household PNG prices remain stable despite higher LNG prices and West Asia crisis
The Indian government has stated that household piped natural gas (PNG) prices have been kept stable and affordable despite higher global liquefied natural gas (LNG) prices triggered by the West Asia crisis. The measures include a capped domestic gas price of USD 7 per MMBtu and allocation of 105% of previous quarter's consumption. The PNG network continues to expand, with over 1.70 crore connections as of May 31, 2026, though a target of 1.2 crore new households by March 2027 was not explicitly confirmed.
Commodities West Asia crisis hits orthodox tea shipments from Coonoor auctions, prices decline
The West Asia crisis has disrupted orthodox tea exports from the Coonoor auctions, leading to price declines of Rs3-4 per kg for whole leaf grades. Increased arrivals during the peak crop season helped maintain stable volumes, with Sale No. 29 recording 92% sales in the leaf category and 85% in dust. CTC and orthodox dust grades also saw varying price movements, according to Global Tea Auctioneers.
Commodities West Asia crisis subdues orthodox tea exports from Kochi auctions, prices slip
Escalating conflict in West Asia has severely curtailed orthodox tea exports from Kochi auctions, with shipments to GCC and other Gulf markets at a standstill. Underscoring the subdued demand, unsold quantities rose to 19% of the offered 269,479 kg in Sale 29, and average prices dipped ₹3 to ₹183 per kg. Exports are currently limited to Europe and Russia, with rising freight and shipment delays further pressuring trade.
Commodities India launches first strategic natural gas storage amid West Asia supply disruptions
India has started developing its first strategic natural gas storage system, prompted by supply disruptions from the West Asia conflict. Public sector oil companies are evaluating underground salt caverns and cryogenic LNG tanks. A Petroleum Ministry committee is assessing storage options for LNG and LPG, while a CEEW study notes India imports nearly half its gas requirement without any dedicated strategic storage.
Business RBI MPC to Adjust Inflation and Growth Forecasts Amid Rupee Slide
The Reserve Bank of India's Monetary Policy Committee is expected to adjust its inflation and growth forecasts in response to ongoing geopolitical tensions and a depreciating rupee. The central bank may raise its inflation forecast to 5% and lower GDP growth to 6.5%.
Commodities India's Fuel Prices Steady Amid Global Oil Surge
India's fuel prices rose minimally by around 5% despite a global surge triggered by the West Asia crisis. Strategic excise duty cuts and limited pass-through helped mitigate the impact of rising crude oil costs.